Liquidations Spike Again as Bitcoin Pumps and Dumps Within Minutes

The overall bearish sentiment in the cryptocurrency market came to a halt briefly, as BTC, joined by most altcoins, exploded by several grand in minutes.

However, it was another fake-out, and the largest digital asset plummeted to its starting point just as quickly.

The chart above demonstrates a clear picture. BTC was previously rejected at $90,000 on Monday and plunged below $85,500 in the following hours. It stood below $88,000 for the following 48 hours but went on the run earlier today.

In a matter of minutes, it jumped by over three grand to just over $90,000. However, the subsequent retracement was just as quick, and BTC is back at its starting point.

Many altcoins followed suit, with immediate price increases and instant rejections. Naturally, this has caused roughly $300 million worth of wrecked positions, according to CoinGlass data, with almost an equilibrium between longs and shorts ($140 million vs $152 million).

The number of liquidated traders stands at over 100,000, while the single largest wiped out position was on Binance and was worth almost $4 million.

Popular crypto analyst CryptoJelleNL commented on BTC’s major move, claiming that this rejection could spell further trouble for the cryptocurrency and outlined a potential drop to and below $83,000.

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